Military Sensors Global Market Set to Skyrocket to $14.04 Billion By 2028 with an Impressive CAGR 6.4%

"The Business Research Company recently released a comprehensive report on the Global Military Sensors Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, The military sensors market size has grown strongly in recent years. It will grow from $10.23 billion in 2023 to $10.96 billion in 2024 at a compound annual growth rate (CAGR) of 7.2%. The growth in the historic period can be attributed to regulatory changes and standards, adoption of unmanned platforms, industrial partnerships and collaborations, focus on situational awareness, government initiatives and contracts.

The military sensors market size is expected to see strong growth in the next few years. It will grow to $14.04 billion in 2028 at a compound annual growth rate (CAGR) of 6.4%. The growth in the forecast period can be attributed to miniaturization and low-power designs, global geopolitical instabilities, expansion of unmanned systems, integration of ai and machine learning, growing demand for isr capabilities. Major trends in the forecast period include increased focus on cybersecurity, development of multi-functional sensors, miniaturization and lightweight designs, emphasis on hyperspectral and multi-spectral sensors, interoperability and sensor networking.

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Market Drivers and Trends:

Growth in defense spending by emerging economies is significantly contributing to the growth of the military sensors market. Military spending refers to the amount of money that a country spends on building and sustaining its armed forces or on other defense-related activities. Military spending includes operation, maintenance, procurement of weapons and armored vehicles, and military research and development. Military spending is used for purchasing goods and services such as arms, sensors, and military research and development which will support the demand for military sensors. For instance, according to the April 2022 report of the Stockholm International Peace Research Institute (SIPRI), a Sweden-based international institute of arms control, arms transfers, and non-proliferation, in 2021, total global military spending is increase by 0.7% from $1,981 billion in 2020 to $2,113 billion in 2021. Further, China increased its military spending by 4.7% in 2021 to an anticipated $293 billion. Therefore, growth in defense spending by emerging economies drives the military sensors market going forward.

Technological advancements are a key trend gaining popularity in the military sensors market. Major companies operating in the military sensors market are focused on developing technologically advanced sensors to strengthen their position in the market. For instance, in October 2021, Armaments Research Company Inc., a US-based provider of firearm accessories and analytics to professional security forces, launched a predictive maintenance platform for crew-served weapons for the U.S. Marine Corps. As part of ARC's newly secured 5-year, $60-million Small Business Innovative Research (SBIR) Phase III contract, in collaboration with the U.S. Department of Defense (DoD) and General Services Administration (GSA), they're actively engaged in developing systems for the 'Joint All-Domain Command and Control' (JADC2) project portfolio. JADC2 aims to unify sensors from various military services into a cohesive, integrated network.

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Major Key Players of the Market:

BAE Systems PLC; Curtiss-Wright Corporation; Esterline Technologies Corporation; Honeywell International Inc.; Kongsberg Gruppen; Lockheed Martin Corporation; Raytheon Technologies Corporation; TE Connectivity Ltd.; Thales Group; Ultra Electronics Group; General Electric Company; Imperx Inc.; Microflown AVISA BV; Vectornav Technologies LLC; Rock West Solutions Inc.; KONGSBERG GRUPPEN ASA; Ultra Electronics; Aerosonic LLC; Viooa Imaging Technology Inc.; Northrop Grumman Corporation; L3Harris Technologies Inc.; Safran Electronics & Defense; Leonardo S.p.A.; Rheinmetall AG; Elbit Systems Ltd.; FLIR Systems Inc.; Collins Aerospace; Cobham plc; Moog Inc.; Meggitt PLC; QinetiQ Group plc; Terma A/S; ASELSAN A.Ş.; RADA Electronic Industries Ltd.; Israel Aerospace Industries Ltd.; Rafael Advanced Defense Systems Ltd.; Bharat Electronics Limited; Hindustan Aeronautics Limited

Military Sensors Market 2024 Key Insights:

• The military sensors market will grow to $14.04 billion in 2028 at a compound annual growth rate (CAGR) of 6.4%.
• Increased Defense Expenditure In Emerging Economies On Driving Growth In The Military Sensors Market
• Technological Advancements Redefining Military Sensor Market
• North America was the largest region in the military sensors market in 2023

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